KHALEEJ TIMES, Tuesday, Apr 13, 2021 | Ramadan 1, 1442
UAE’s first digital community bank receives nod to start operations
Emirates:
The UAE Central Bank has granted licence to Al Maryah Community Bank to
launch operations in the country.
It will be the first digital bank to have received the approval to start
operations in the UAE.
On Monday, Mohamed Alabbar, Emaar Properties’ former chairman, also announced a
plan to launch the digital bank Zand which will provide solutions to both
individuals and businesses. The launch is subject to regulatory approval.
Al Marya Community Bank said customers can open accounts and experience smart
banking services built on artificial intelligence-powered technology integrated
with the UAE government’s smart services.
Catering to both individuals as well as small businesses in the UAE, the bank’s
financial products and services will focus on financial management, aiding
savings and investments to both Emiratis and expatriates.
A community bank offers loans to small businesses or personal loans to
individuals. It channels most of its loans to the neighbourhoods where its
depositors live and work to keep the local community vibrant and growing.
Tarek Ahmed Al Masoud, chairman of Al Maryah Community Bank, said the UAE
Central Bank’s progressive vision will go a long way to serve and support the
digital banking needs of the country’s residents.
“I believe this initiative will effectively contribute to meeting the needs of
customers by employing a group of specialised financial experts who will work to
improve the financial capacities of individuals and SMEs and promote the
community's sustainable development in a scalable and easy way through the smart
application that will be launched soon,” said Al Masoud.
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